MoonTrader
Long

One more breakout trade.

BITSTAMP:BTCUSD   Bitcoin / Dollar
I decided to pick up another position around $422 since this is beginning to look like another bull flag. The breakout will probably bring us to around 490 before the real retrace, as I mentioned in my last idea.

After this follows through, watch volume on the retrace to see if it's a reversal or a bear trap. If the price bumps up against 480-500 and starts making lower highs with lower volume , get ready for another sell-off. Otherwise, it could just be a bear trap. In that case, look for another breakout.

Related Ideas

johnrfraser
2 years ago
Hi Moontrader, has this broken out to the downside or are you optimistic?
+1 Reply
MoonTrader johnrfraser
2 years ago
It's not invalidated until it breaks below the horizontal line I drew below the triangle. If you're trading with me, I would put your stops there.
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MoonTrader MoonTrader
2 years ago
Overall, though, yes. I'm still optimistic. If it breaks to the downside, then I will look for another long entry after that.
Reply
johnrfraser MoonTrader
2 years ago
Thanks a lot Moontrader
+1 Reply
manipuflated MoonTrader
2 years ago
Looks like it broke below that line. Is the next stop 390 IYO? 380?

Thanks.
Reply
MoonTrader manipuflated
2 years ago
Actually, it was a successful trade for me. I sold at 475 before it started going down. You have to use your own judgment on these things. But yes, I think 380 support will hold.
+1 Reply
Esper MoonTrader
2 years ago
Hi! Really enjoying your posts! Do you run a live trading room?
Reply
MoonTrader Esper
2 years ago
Hi, I'm really glad to hear that you enjoy my posts! I try to keep my page here updated regularly. I'm sorry, I don't run a live trading room because I'm very busy and I do other things as well, but I am happy to take suggestions if you have any and you can follow me on Twitter @LeviGrandt. Again, thanks.
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Esper MoonTrader
2 years ago
Hi! Thanks for your kind reply! Okay, I understand - we'll I look forward to reading your next posts - I'm learning a lot! Take care!
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Esper Esper
2 years ago
*well* :)
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